It's not like it's a rigged game or something......

[marmar]

JESSICA DESVARIEUX, TRNN PRODUCER: Welcome to The Real News Network. I'm Jessica Desvarieux in Baltimore. And welcome to this edition of The Bill Black Report.
Matt Taibbi of the Rolling Stone magazine has reported that media company Thomson Reuters has been providing sensitive market information to certain financial institutions before everyone else, allowing them to front run the markets.
Now joining us to discuss all this is Bill Black. Bill is an associate professor of economics and law at University of Missouri-Kansas City. And he's also a regular contributor to The Real News.
Thanks for joining us, Bill.

BILL BLACK, ASSOC. PROF. ECONOMICS AND LAW, UMKC: Thank you.

DESVARIEUX: So, Bill, can you just explain for our viewers what exactly is front running? And can you give us a bit of background to this story?

BLACK: Front running can be either that you're trading and you know that your clients are going to be buying or selling something, and you trade ahead of them to take advantage to what's going to happen to prices, or in this case you get market information before everyone else does and you get to trade in advance on that specialized information, in which case you have an enormous advantage.

DESVARIEUX: And what did Thomson Reuters do?

BLACK: Thomson Reuters partnered with the University of Michigan, which is where I spent seven years studying and got two of my degrees. And the University of Michigan has been famous for 50 years for its research in a particular area, and this particular subset is a survey of business confidence. And this survey of business confidence is used all over the world as one of the leading indicators of what's going to happen economically. So places like the Federal Reserve, in deciding how to move interest rates and such, look very heavily at this Michigan report. ....................(more)

The complete piece is at: http://truth-out.org/video/item/18817-wall-street-banks-obtain-market-data-ten-minutes-before-everyone-else

[woo me with science]

1. K&R

[Mnemosyne]

2. K&R nt

[90-percent]

3. good man, Bill Black

n/t

-jim

[xchrom]

4. du rec.

[Egalitarian Thug]

5. A world-wide criminal organization. K&R n/t

[bluedeathray]

6. Slick Slate = Slightly Slower Slide to Slumville

Thank goodness we have a Democrat in office!